By Maximilian Clarke
Speciality European Pharma Limited (SEP), the London based pharmaceutical marketing firm has secured a multi-million pound funding package from Clydesdale Bank which will allow it to expand its market position in 2012.
The new banking package comprises a £2.5 million loan together with ancillary facilities for four years through to December 2015 and will be used by SEP to fund expansion plans and deliver a period of forecast growth.
Speciality European Pharma was founded in 2006, with the backing of leading UK venture capital firm Advent Venture Partners, to acquire, develop, register and commercialise specialist products for the expanding European market. SEP markets products which are focused on urology and uro-oncology to treat a range of diseases and disorders including prostate cancer, bladder cancer and overactive bladder. The company’s products are marketed directly in France, Germany, Italy and in the UK.
“2012 looks to be an important year for SEP and to have secured this funding package will play an important part in helping the company to realise our ambitions to grow both our domestic and export markets,” said Patrick Banks, CEO of SEP.
“To service expected demand we are looking to increase operations in the coming months and this facility will allow us to do that, at exactly the right time.
“One of the company’s new products is Mitem, a drug used to treat a range of cancers. We acquired the worldwide rights at the end of 2010 and currently sell in Germany with plans to introduce the product into other European markets.”
Clydesdale Bank’s Corporate and Structured Finance team was led by Mark Taylor, director for the Growth Finance team in London. He said: “SEP is a strong example of a company with ambitious plans to grow their presence in a niche market.
“This facility was made available under the banks’ Growth Finance programme, which is designed for companies with rapid sales growth and expecting to deliver profits in the next 9 — 24 months.
“SEP is ideally suited to the programme and in the next four years we aim to help the company fulfil its potential and extend its market reach.”
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